The ubiquitous nature of Digital Disruption is driving us and companies to meet after to individual customer’s needs and wants while serving to the market demands proprietarily. The Global Centre for Digital Business Transformation had conducted a survey amongst large and medium scale industries particularly, to reiterate the varying degree of benefits present in the digital transformation companies along with the global threats and vulnerabilities, posing to the mean survival of business and IT Industries.

McKinsey have prepared a report on U.S. economy and reveals to the thought provoking fact of only 18% usage on digital transformation solutions across different businesses. This also proves to the existence of massive disparity prevailing in the industrial sectors which most have sought after to become digital adopters against those that haven’t.

Hence, a group of modern businesses and start-ups have already started to place their efforts on towards discovering new business activities and compete amongst the many industries disrupted by technology. Over the last decade the side effects of technological disruption have progressed exponentially high across several of the companies that includes Airbnb, Paytm, Uber and Netflix. Its impact is quite massive and viable across industries like banking, media, education, telecom, manufacturing, retail, ecommerce and insurance. This has also steered the inquisitiveness of every entrepreneur to quickly identify those major industries disrupted by technology.

Here we have the list of 6 industries that are fast becoming vulnerable to digital disruption and industry transformation. Read further to know more about What Industries are being disrupted.

1. Media and Entertainment

The gradual displacement of physical media is getting common and equaled by the digital media presence with maximum disruption badly causing the media industry to become vulnerable. Moreover, with the blend of mobility, cloud and video digital players which gets evolved day after day, inducing today’s millennials to consume digitized entertainment on the go.

Typically, this trend should last as long as the media disruptors are willing to offer incredible contents, widely accessible across multiple delivery platforms. The Media and Entertainment industry should prepare themselves for this kind of transformation and become an integral part of many such industries that need innovation.

2. Technology products and services

The practice of Innovation at Technology Industries are being kept steady on the accelerator with a constant pace. In the current technological developments, Cloud and Analytics are being the two most preferential platforms for industries to invest with and take leverage of Internet of Things, AR & VR, 3D Printing and Blockchain Technology to transform businesses.

There requires no big explanations for the technology industry which having a natural flair and inclination to bear the difficulties of technology disruption. Basically, all it necessitates from a technology business is the agile execution of processes that drives business transformations.

3. Financial Services

The mainstream operations of financial service industry is fast becoming more and more digitize with numerous tasks getting changed from manual to digital interfaces. This includes transactions performed in wealth management, payment, banking etc., simply utilizing the payment gateway systems with technology playing the key role of a transformation agent.

Most of the Financial Service Companies are intended to select the latest in Blockchain and FinTech Technologies for their business model to function swiftly while furthermore, leverage up on the advancements of Artificial Intelligence and Robotics for achieving business profits.

4. Retail

The digital power of retail chains have increased in magnifying proportions especially, when merchandise to customer this transformation gets splendid and easy controllable, even at this level of technology disruption. It is realty influencing the way how consumers behave at the marketplace when buying things at shopping malls.

This kind of digital disruption in the retail market should attract aplenty of customers merely by providing every miniscule details of the intended product to buy which may include, places to look for and modes of payment etc.

It becomes imperative for the retailer to know the consumer choices and therefore are financially prepared to add-on technologies like Big Data, Artificial intelligence, Augmented, Virtual Reality and IoT to best improve their business performances. With early existence of ecommerce and mobile shopping over the years retails are indeed struggling to find out the right tool for providing the best customer experiences.

Hitachi and Microsoft have both reported this inadequacy present in the retail sector whenever transition to Enterprise level Transformations thus facing the difficulties in changing business strategy and organization structure.

5. Telecommunications

Telecommunications Industry is regarded to be one of the highly disrupted sector that most often embraces digital disruption in harmony. Despite, being low on business performance the telecom industry is fast adopting the digital transformations and utilizing every benefit gained from it to create newer opportunities and therefore establishing futuristic plans for progress.

In addition, today’s average homes have nearly 5 to 10 IoT connected devices boosting the range of telecom networks and are quite successful at handling this disruption to their forte.

6. Education

A lot of Educational Institutions have integrated the digital transformation solutions effectively for to restructure the learning process amongst all their students and then provide education at affordable cost, interactive for learners. A recent study from the Accenture Global Value of Higher Education infers that around 80% of students demand for digital capabilities be present at the university while the 70% of students reaffirms on having inside and outside classrooms with learning possibilities using eLearning transformation tools. In total, nearly 81% of graduates seek for the smart classrooms well equipped with digital technology, online contents and virtual classes.

Currently, there are many education institutes technically adept and prepared to offer Massive Open Online Courses to distant students irrespective of their location and enable individuals to continue their studies. This includes producing numerous quantity of Audio-Visual assets within the education space leading to better collaboration and achieving team work solutions among the distant learners at the same time continue to enjoy their participation in projects and future-ready programs.

Conclusion

This Digital Disruption should make a complete sense across industries and steer the revolutionary cause effectively through discovering new digital transformation solutions. Inevitably, most of the industries have to avenge for and take good advantage of this enormous levels in digital disruption, without seeking compromises when serving customers dearly. Beyond these, industries would be most ready to take up the risk of utilizing digital technologies instead of getting disrupted and sitting ideal on the market side lines.